ETHFI Faces Bearish Pressure After Breaking Critical Support Level

• ETHFI remains bearish with no attempts to retake the price of $1.20, maintaining bearish pressure among traders awaiting its next direction.
• Major resistance levels of $1.70, $2.30, and $3.30 are to be broken while support levels of $1.00 and $0.85 are being tested.
• Technical indicators are indecisive with the Stochastic RSI being oversold while bearish momentum is not strong on the Bollinger Band Percent histogram.

ETHFI is facing intense selling pressure after breaking a critical support level. The asset’s price has been steadily declining, reflecting a growing bearish momentum. With traders closely watching key support zones, ETHFI’s next move could determine its short-term trajectory.

Market Overview and Price Action

ETHFI has remained trapped in a bearish trend, failing to retake lost ground. In the latest action, the price tried to remain above the $1.20 benchmark without succeeding, causing the price to lose ground again. The breakdown below this support level cemented a bearish perspective with the traders targeting the next testing of the support area at $1.00

Crypto analyst @ali_charts pointed out the breakdown of ETHFI in a recent tweet, implying that the asset is likely to head to the value of $0.49. The forecast has raiseId debate among traders with most of them analyzing if the current trend is a sign of decline or a possible bounce back.

Key Support and Resistance Levels

ETHFI’s inability to retake $1.20 put the asset at a vulnerable state. The next significant levels of resistance are at $1.70, $2.30, and $3.30—all areas of price turnabouts earlier on. Unless the buyers intervene with significant strength, the levels could turn out to be hard to break.

On the negative side is the immediate support at $1.00 with other levels at $0.85 and $0.70. If ETHFI cannot support the levels, the asset will fall to the levels of $0.50 according to bearish estimates. A clean break below the levels of $1.00 will accelerate the fall with the price going down.

Technical Indicators and Market Sentiments

The Stochastic RSI is also showing the levels of being overbought with the fast line at 88.14, anticipating a potential pullback. The BBP (Bollinger Band Percent) histogram is negative at -0.032, also revealing bearish momentum that is fading away. These are revealing indecision while traders are eagerly awaiting price action to confirm the next trend.

At the time of writing, ETHFI was at a price of $1.08  with a 3.24% gain over the last 24 hours  and a 0.88 price increase in the past 7 days . With the psychologically important support at the price of $1.00, maintaining this will be the key to the next movement of the asset.